In an interview, OKX executive said that it is actively engaged in a dialogue with the banks and is currently waiting for the group to submit the license application. The crypto exchange has started the preparatory work, such as technology docking. Continue Reading on Coin Telegraph More
Stake confirmed that all services resumed at 9:28 pm UTC time on Sept. 4 — a few hours after the platform confirmed that several unauthorized transactions were made on Stake’s ETH/ BSC hot wallets:Continue Reading on Coin Telegraph More
In an announcement sent to Cointelegraph, Cronos Labs highlighted that the accelerator’s goal is to nurture startups that have the potential to “shape the future of Web3.” Furthermore, Cronos is looking for projects that focus on creating practical use cases that can push the adoption of decentralized applications (DApps) that can attract genuine users rather than bots. Continue Reading on Coin Telegraph More
According to Glassnode, the value recently reached a one-month high, clocking in at 2,145.This indicator, which measures the flow of ETH into exchanges, typically raises concerns among investors. An increase in exchange deposits often signals bearish sentiment, implying a potential surge in selling pressure. Investors seem eager to send their ETH holdings to exchanges, possibly anticipating a downward trend in the market.Moreover, a historical perspective adds depth to this concern. The last time the hourly chart recorded over 2,000 ETH deposits was in June, coinciding with ETH’s surge above $1,900. Subsequently, ETH experienced weeks of consolidation on the back of the spike in exchange deposits. On the other side of the spectrum, the second metric paints a more optimistic picture. Glassnode reports that the total value of the Ethereum 2.0 Deposit Contract has soared to an all-time high of 28,595,373 ETH. This figure represents a substantial 23.8% of the total circulating ETH supply. The metric signifies the amount of ETH staked by investors and locked in the Ethereum 2.0 deposit contract.Intriguingly, while the Shanghai upgrade in April allowed investors to withdraw their ETH tokens from the deposit contract, deposits continued to increase. This steady uptick suggests growing confidence and has persisted until now.What makes this metric particularly bullish is its potential to reduce selling pressure and contribute to a deflationary trend. As more ETH gets staked and locked in the deposit contract, fewer tokens remain in circulation, which can drive up the token’s value.ETH price – Sep. 5 | Source: Trading ViewMeanwhile, ETH has continued to shed off its value since hitting the $1,745 high on Aug. 31. Despite the consistent drop. The asset has defended the psychological support at $1,600 firmly, hedging against declines below the threshold. ETH is trading for $1,628 at the time of writing.This article was originally published on Crypto.news More
(Reuters) – For venture capitalists, the scars of bitcoin’s disastrous 2022 run deep. While breezy bitcoin has bounced back, leaping by about 55% this year, investments in crypto startups have dropped for the fifth straight quarter. VC crypto bets totaled just under $2.3 billion in April-July this year, the lowest quarterly level for over three years, according to data firm PitchBook. In the first half of 2023, investments were down by almost three-quarters from a year ago to $5 billion. “The lofty exuberant valuation days are gone,” said Tal Elyashiv, founder and managing partner of SPiCE VC, adding that valuations place on crypto companies had fallen closer in line with their actual performance. Crypto investors remain haunted by the chaos that descended on the sector last year when the implosion of the FTX exchange and other major firms, including hedge fund Three Arrows Capital, sent shockwaves through the industry.U.S. regulatory scrutiny has also tightened on the industry. “The biggest change from the height of the market is more time to do deeper diligence,” said Cameron Peake, partner at Restive Ventures. “There’s not necessarily anything new that is happening, except that funds are actually doing diligence now. Deals are no longer closing in mere days.”The number of deals that were sealed by the halfway mark of 2023 was 814, down by more than half of 1,862 from the same period in 2022, PitchBook data showed.”Almost every company in the space tightened up in the aftermath of the carnage of 2022. Those that are raising capital now are probably doing it because they have to,” said Adam Reeds, CEO of Toronto-based crypto finance company Ledn.”I wouldn’t be surprised if in the near term that changes from ‘have to have’ raises to ‘nice to have’ raises.”If bitcoin prices are any indication, the investment slump may be short-lived.VC crypto investments have correlated with crypto asset prices with a lag of roughly three to six months, according to PitchBook, and if current trends continue, VC investment would rise during the second half of 2023.Bitcoin, which fell 65% last year, jumped over 90% in the first six months of 2023 bitcoin and is now up about 55% year-to-date, at $25,881. Still, it is trading at a third of its 2021 peak of $69,000.METAVERSE? NFTs?There has also been a shift in the type of VC investment targets, according to the PitchBook data.A year ago, the focus was on companies tied to speculative non-fungible tokens, as well as metaverse and Web3 projects that sought to build a future – but still unrealized – iteration of the internet with crypto at its core. Now, though, crypto bets have shifted towards firms that provide the platform or support the underlying technology of blockchain or cryptocurrencies. Infrastructure firms such as crypto exchanges, wallets and other fintechs attracted the most investments in 2023 at $325 million, followed by blockchain networks at $220 million and Web3 companies at $274.6 million, according to PitchBook.In the second quarter, the only two funding rounds over $100 million were scored by LayerZero, a platform that connects two blockchains, and digital identity platform WorldCoin. “Institutional investors are looking for things that are more durable,” said Alyse Killeen, founder and managing partner of bitcoin-focused venture firm Stillmark.”We’re seeing less appetite for risk and more appetite for sustaining technology.” More
KEB Hana Bank has signed a strategic business agreement with BitGo to jointly establish digital asset custody in South Korea, local news agency Yonhap reported. The commercial bank has a network of 111 branches with local banking assets of nearly $10 billion and equity of $490 million.Continue Reading on Coin Telegraph More
Ethereum-based crypto wallet MetaMask has been a long-standing target for scammers — which involves redirecting unwary users to fabricated websites that request access to the MetaMask wallets. Cointelegraph’s investigation on the matter found numerous government-owned websites being used to perpetrate this exact scam.Continue Reading on Coin Telegraph More
While the U.S. Securities and Exchange Commission (SEC) first approved a Bitcoin-linked Futures ETF in October 2021, the current filings are for spot Bitcoin ETFs. Following Grayscale’s recent legal victory against the SEC’s review of its spot Bitcoin ETF proposal, many now believe approval of the investment funds is more likely.Continue Reading on Coin Telegraph More
